CMA CGM receives green light to takeover NY/NJ container terminals

Chamber of Shipping > Blog > News > CMA CGM receives green light to takeover NY/NJ container terminals

The Port Authority of New York and New Jersey has approved CMA CGM’s proposal to take over operations at two significant container terminals, GCT Bayonne and GCT New York (Howland Hook). The updated port leases include increased rent based on container throughput, CMA CGM’s responsibility for repairs, and plans for substantial investments to enhance throughput. The agreement aligns with the port’s sustainability goals, including achieving net-zero greenhouse gas emissions by 2050. CMA CGM intends to transition its material-handling equipment to zero-emissions technology, support renewable energy use, and promote local business involvement. The acquisition of these terminals, capable of handling around two million TEU annually, allows CMA CGM to potentially double their capacity through strategic investments. The terminals will remain multi-user facilities, and the existing management team will be retained.

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